New analysis from Frost & Sullivan (http://www.sensors.frost.com), World Temperature Sensors and Transmitters Market, finds that market earned revenues amounting to $3,635.2, million in 2009 and estimates this to reach $5,306.9 million in 2015.
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'Every year, companies make large investments in focused research and development to improve existing temperature sensor functionality and develop new ones,' says Frost & Sullivan Industry Analyst and Team Leader Dr. Rajender Thusu. 'These efforts have the twin objectives of boosting demand for various temperature sensor systems and expanding penetration into newer application areas.'
The vagaries in climate observed in the European region have necessitated the use of HVAC modules and consequently fuelled the demand for temperature sensors. Temperature sensors and transmitters are integral parts of the HVAC module and are increasingly fitted in climate control units as well as for monitoring refrigerant temperatures. This is true for all types of HVAC modules that are designed and manufactured for diverse applications in industrial uses, building automation, and automotives.
Advances in technology, coupled with a drop in price, have introduced new applications for HVAC modules. The market for HVAC modules is currently bigger, encompassing a variety of industrial and military applications. Flexibility in terms of electrical and mechanical parameters as well as a wide array of options in customizing the temperature sensors and transmitters is currently available.
Due to the growing number of new entrants, the market is highly competitive and fragmented. Pricing remains a key criterion while choosing a supplier.
'With the temperature sensors market reaching commodity status and prices expected to decline, suppliers are likely to be pressurized further,' says Dr. Thusu. 'This has resulted in the temperature sensors market being highly competitive.'
The temperature sensor and transmitters market is characterized by the presence of large number of manufacturers focusing on most end-user and geographic segment. Considering that temperature measurement is a vital parameter in almost any process, the product has achieved deep market penetration. This is affecting growth opportunities for most sensor manufacturers. Additionally, volume discounting in the case of low-priced sensors is contributing to this restraint.
Price competition also remains a serious issue in the emerging economies, especially in countries such as China. Temperature sensor manufacturers recognize the growth potential of these emerging markets and are resorting to low pricing to penetrate these markets.
In order to sustain market demand, high precision, ease of integration, and competency are prerequisites. It has become imperative for companies to redefine their strategies to provide customers with instruments that are easy operable and have a very high level of reliability, keeping critical applications, high temperature environments, and portability in mind.
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